Eastman’s Results Increase Despite High Raw Material Costs

2:26 PM MST | January 28, 2008 | Chemical Week Editorial Staff

Eastman Chemical reported net income for the fourth quarter of $98 million ($1.22/share), up 3.3% compared to the year-ago quarter, on sales up 9%, to $1.7 billion. Eastman attributes the increase in earnings to higher selling prices, which offset higher raw material and energy costs, earnings from licensing of acetyl technology, and lower administrative costs. The strongest growth was in the company’s performance chemicals and intermediates unit, which posted operating income of $59 million, more than double the income for the year ago quarter, on...